Investment Sales

Venture-at-Route-66-Flagstaff
ArizonaInvestment SalesNewsWestern

NV Ventures Acquires Flagstaff Property

by Lynn Peisner

FLAGSTAFF, ARIZ. — Neighborhood Ventures (NV) has acquired Venture on Route 66 in Flagstaff as part of a Section 721 UPREIT exchange valued at $5.5 million. The 24-unit property is fully occupied and offers studios and one-bedroom units at asking rents, which include utilities and Wi-Fi, ranging from $1,375 to $1,895, according to the property website. NV is a Phoenix-based online multifamily investment company. A 721 UPREIT, or Umbrella Partnership Real Estate Investment Trust, exchange is a tax-deferred transaction that allows property owners to exchange real estate for ownership units …

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Quarry-Place-Tuckahoe
Investment SalesNew YorkNewsNortheast

Veris Residential Sells Quarry Place in NYC Metro for $63 Million

by Lynn Peisner

TUCKAHOE, N.Y. — Veris Residential has sold Quarry Place in Tuckahoe to Hines for $63 million in a transaction arranged by JLL Capital Markets. Tuckahoe is a village 20 miles north of Manhattan. Built in 2016, Quarry Place features 61 one- and 47 two-bedroom units and is currently 96 percent occupied. The 3,275 square feet of ground-floor retail is leased to Orangetheory Fitness. Amenities include a fitness center with a yoga room and spin studio, a clubroom with computer stations, a garden terrace with a fire pit and electric vehicle …

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21-Apartments-Fort-Lauderdale
FloridaInvestment SalesNewsSoutheast

Marcus & Millichap Arranges $6 Million Sale in Fort Lauderdale

by Lynn Peisner

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $6 million sale of 21 Apartments in Fort Lauderdale. Built in 1953 and renovated throughout the years, 21 Apartments is located at 2100 NE 33rd Ave. The two-story property comprises a mix of studios, one-bedroom and two-bedroom apartments. Each unit is furnished. The property features on-site laundry facilities, a pool, outdoor lounge areas and an on-site management office. Marcus & Millichap’s team was led by Evan Kristol, Felipe Echarte, Brandon Rex and Austin Michels. The team represented the seller and …

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Echo-Austin
Investment SalesNewsTexas

Newmark Arranges Two-Property Sale in Austin and Dallas

by Lynn Peisner

DALLAS AND AUSTIN, TEXAS — Newmark has arranged the sale of and acquisition financing for two Texas properties acquired by Austin-based Karlin Real Estate. The two properties were Echo and Brady. Echo is a 274-unit, seven-story property that features such amenities as a seventh-floor sky lounge with downtown views and structured parking. Brady is an 18-story, 299-unit community in Uptown Dallas that includes a roof-top terrace, a pool, a fitness and business center and pet facilities. Newmark’s Austin- and Dallas-based teams that arranged the transaction were led by Patton Jones, …

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Affordable HousingInvestment SalesKentuckyNewsOperationsSoutheast

Fairstead Acquires Kentucky Affordable Housing Community

by Lynn Peisner

LOUISVILLE, KY. — New York City-based Affordable housing developer and operator Fairstead has acquired a general partner interest in City View Park, an affordable housing community in Louisville. Via the partnership, Fairstead will assume the role of owner and property manager. The community includes 72 one-bedroom, 221 two-bedroom, 179 three-bedroom and 31 four-bedroom residences. Of the 503 total units, 468 are supported by Section 8 contracts, and all homes are governed by Low-Income Housing Tax Credit (LIHTC) affordability restrictions, reserved for residents earning no more than 60 percent of the …

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Summers-Point-Glendale
ArizonaInvestment SalesNewsWestern

JLL Arranges $20 Million Value-Add Sale in Metro Phoenix

by Lynn Peisner

GLENDALE, ARIZ. — Wealhouse Capital Management has sold Summers Point in Glendale for $20 million. JLL represented Wealhouse and arranged acquisition financing in the transaction. The identity of the buyer was not disclosed. Summers Point was built in 1980 and features 16 buildings across 4.3 acres with a unit mix that includes studios, one- and two-bedroom apartments averaging 572 square feet. The former owner renovated 98 of the 164 units, leaving value-add potential for future renovations on the remaining 66 units. Renovated units feature white shaker cabinetry with brushed nickel …

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The-Monroe-Apartments-Tallahassee
FloridaInvestment SalesNewsSoutheast

Eastham Capital, Merion Realty Partners Sell The Monroe in Tallahassee for $47.5 Million

by Lynn Peisner

TALLAHASSEE, FLA. — Florida-based Eastham Capital has sold The Monroe Apartments, a 288-unit apartment community in Tallahassee for $47.5 million. The property was acquired in 2019 with a value-add strategy alongside partner Merion Realty Partners as part of a portfolio called Eastham Capital Fund V. The buyer’s identity was not disclosed. The Monroe Apartments include a mix of one-, two- and three-bedroom units ranging from 1095 to 1695 square feet.  Eastham Capital and Merion implemented a repositioning strategy that the owners say enhanced the asset’s profitability.  At the time of …

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1350-1352-N.-Cleveland-Ave-Chicago
IllinoisInvestment SalesMidwest

Interra Arranges $2.3 Million Sale of Six-Unit Chicago Property

by Lynn Peisner

CHICAGO — Interra Realty has arranged the $2.3 million sale of 1350-1352 N. Cleveland Ave. in Chicago’s Old Town neighborhood. Interra’s Senior Managing Partner Brad Feldman represented the seller, Highland Real Estate Partners. Feldman also represented the buyer, a private investment firm. The building was fully occupied at the time of sale. Constructed in 1969, the property features six three-bedroom apartments with granite countertops, stainless steel appliances, individual HVAC units and in-unit laundry. The property also includes six on-site parking spots.

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Barkley-Apartment-Homes-Bellingham
Investment SalesNewsWashingtonWestern

IPA Arranges $48 Million Sale in Bellingham, Washington

by Lynn Peisner

BELLINGHAM, WASH. — CEP Multifamily has sold Barkley Apartment Homes to buyer HB Management for $47.9 million. IPA’s Ryan Harmon, Giovanni Napoli, Philip Assouad, Nick Ruggiero and Anthony Palladino arranged the sale. Barkley Apartment Homes is a 202-unit property in the Barkley neighborhood of Bellingham. The asset’s sale price equates to $237,129 per unit. CEP Multifamily is based in Everett, Washington, and HB Management is headquartered in Seattle. Barkley Apartment Homes was built between 2001 and 2003 on approximately 10 acres. The 17-building property has a central leasing office, a …

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Midtown-Cedar-Hill
Investment SalesNewsTexas

Beachwold Residential Sells Midtown Cedar Hill in Dallas Metro

by Lynn Peisner

CEDAR HILL, TEXAS — Beachwold Residential has sold Midtown Cedar Hill, a 354-unit property in Cedar Hill, 10 miles southwest of Dallas, to Centennial Holding Co. The sales price was not disclosed. Institutional Property Advisors (IPA) arranged the sale and acquisition financing, which consisted of an interest-only agency loan. Built in 2015 on approximately 13 acres, Midtown Cedar Hill is a gated, three-story garden-style property with a resort-style pool, a business center and picnic areas with barbecue grills. Apartments feature open-concept living areas, 9-to-12-foot ceilings and granite countertops. IPA’s team …

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